Crypto-industry losses from hacks and scams exceed $313.5 million in Q2 2023

In the second quarter of 2023, total losses of crypto projects from hacks and scams surpassed $313.5 million, according to Cointelegraph, citing a CertiK report.

The losses were 58% lower than in the same period a year earlier ($745 million).

In total for the three months, experts recorded 212 security incidents.

In the first quarter of 2023, total losses of crypto projects stood at more than $320 million. However, from April to June, losses from exit scams nearly doubled — $70 million versus $31 million.

The losses from attacks using flash loans and oracle manipulation bucked the trend. In the second quarter, their number totaled 54, with losses of about $23 million, 89% lower than in the previous three months.

The largest attack in the period was the June breach of the Atomic Wallet, with losses exceeding $100 million.

The most attacked network was BNB Chain — 119 incidents with total losses of $70.7 million. Ethereum ranked second with 55 incidents and $66 million, respectively.

Beosin, in a prior assessment, estimated the crypto industry’s losses from hacks and scams in the first half of the year at $655.6 million.